We have just returned from the Singapore FinTech Festival, a huge event with more than 40,000 attendees. As you can see from the pictures, we were shortlisted as Best ASEAN FinTech and also exhibited at the event.
Our takeaways from Singapore –
Data, Data, Data
As it becomes more and more accessible, the volume of data is now almost unmanageable. To address this problem there are a growing number of FinTechs which offer services to capture, normalise and analyse the data. All promise actionable output.
The costs associated with KYC, AML, Credit and connecting clients to a bank or broker have always been significant. As the cost of credit has increased so to has the focus on reducing back office costs. Some interesting FinTechs are looking to make this process faster, more automated and less costly.
Electronic trading is pretty standard for liquid Financial Markets products, however firms are now addressing the less liquid markets – like R5 automating Emerging Markets FX. Over he past 20 years we have seen electronification drive massive growth in the trading of major currencies, and expect to see a similar picture in Emerging Markets
Most robo-advisors at this event offer white label services to banks, wealth managers, brokers and insurance companies – aiming to be the first line of customer service and making human interaction more of an exception function.
And finally, Awards were a big part of this event, which showcased the best in FinTech from Singapore and around the world. R5 was nominated by MAS and shortlisted in the best ASEAN FinTech category.
See you next year.